CAIRO- 27 January 2022: Egypt’s Suez Canal Economic Zone (SCZone) and the Greek Port of Thessaloniki (ThPA) have inked an agreement of cooperation to “develop international trade and increase business activities between Asia and Europe,” Offshore Energy reported on Friday.

 

“This agreement creates additional opportunities for further development of the maritime trade between Europe and Asia, which are greatly enhanced by the strategic location of the two parties,” Greek Minister of Maritime Affairs and Insular Policy, Giannis Plakiotakis was quoted as saying.

 

 

Head of Suez Canal Economic Zone Engineer Yehia Zaki revealed on January 24, 2022, the most important incentives that the authority enjoys in order to encourage and stimulate investment within the region.

 

"Within the framework of the Egyptian state's plan to develop seaports, due to its distinguished geographical location, a contract was signed with the Roads and Bridges Authority to develop the Port of Sokhna with investments estimated at 20 billion pounds, in accordance with the directives of the political leadership to transform the Sokhna region into a global platform for investment on the Red Sea."

 

 On 17 January 2022, the Suez Canal Economic Zone issued its annual report about the achievements during the past year 2021. The past year was the year of developing the strategic plan and prioritizing the localization of the targeted industries.

 

 A year after 2020 “The Pandemic Year”, SCZone changed the work plan to cape up with the repercussions of the Coronavirus and to overcome the challenges that surrounded the whole world.  

 

The report revealed the most important and prominent decisions were taken by the Egyptian government to encourage investments in SCZone.